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Today’s ASX top stocks: Carbon Revolution (CBR ↑21.0%), Irongate Group (IAP ↑17.8%)

Posted: 31 January 2022 12:10 pm
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The 10 biggest movers on the ASX.

The best performing companies on the ASX so far today were Carbon Revolution (CBR, up 21.0%) and Irongate Group (IAP, up 17.8%).

Top movers on the ASX Monday 31 January 2022

Carbon Revolution (CBR) was the top mover on the ASX today. Shares in the company rose 21.0% to $1.21.

Shares in Carbon Revolution have jumped for the second day in a row after the lightweight wheel manufacturer announced that strong electric car sales is seeing a surge in their tyre sales.

According to its ASX announcement on Friday, quarterly wheel sales were up 109.4% on the corresponding season, or 4,397 wheels were sold.

The company also points to strong growth in the future with the new Chevrolet C8 Corvette Z06 and Z07 and General Motors electric vehicle set to use Carbon Revolutions wheels.

Production for that program has now commenced.

At the time of the vehicle's launch, Corvette's chief engineer Tadge Juechter pointed to superior results due to the tyres.

"It's super light and saves over 40 pounds versus the forged aluminum wheels which are pretty lightweight wheels. Even daily driving you can sense that it's not just lighter, it's stiffer and you can really feel that... on a 2-minute lap it's a second to a second and a half quicker. It's noticeable – equivalent to a fair horsepower increase," he said.

As such, quarterly revenue was $11.4 million, which is up 82.6% on Q1 FY22.

Learn more about investing in Carbon Revolution in Finder's full guide.

The second place for market gainers went to Irongate Group (IAP), the real estate company. Its shares rose 17.8% to reach $1.85.

Its sudden share price rise was off a non-binding, indicative proposal from real estate player Charter Hall.

Under the proposal, Charter Hall and the Dutch pension fund will acquire IAP for $1.90 per share.

This saw the share price shoot up as investors look to cash in on the buyout.

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Here's the full list of today's 10 biggest movers so far.

StockPrice% change
Carbon Revolution (CBR)$1.2121.0%
Irongate Group (IAP)$1.8517.8%
Airtasker (ART)$0.7415.6%
Mader Group (MAD)$2.3614.0%
Next Science (NXS)$1.1610.5%
VGI Partners (VGI)$4.8010.1%
EcoGraf (EGR)$0.628.8%
Electro Optic Systems Holdings (EOS)$2.028.6%
Weebit Nano (WBT)$3.297.5%
Zip Co (Z1P)$3.167.5%

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Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open to 11am. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated by 11am on the trading day, but these prices may be subject to minor variation depending on data availability.

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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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